One-year jail for stockbroker Ketan Parekh

Mumbai, April 1 (IANS) The Bombay High Court Tuesday sentenced stockbroker Ketan Parekh to one year in jail for defrauding Canara Bank to the tune of Rs.470 million. Parekh, presently out on bail, has been granted time till July 31 to challenge the order and asked to renew his bail within a week.

The case pertained to an accidental transfer of Rs.470 million into his account by Canara Bank’s CANFINA in 1991. There were around 50 cases registered by the bank, the Central Bureau of Investigation (CBI) and other authorities in this matter.

Parekh, the most talked about stock trader a few years ago, transferred the money that came into his account to some other accounts and also to accounts belonging to his associates.